LAS VEGAS (KLAS) — Climbing to $450,000 in February, the median home price in Southern Nevada continues to shatter records, according to data released Tuesday by Las Vegas Realtors (LVR).
That’s up $15,000 for the month of February on top of a $10,000 jump in January, bringing the total price up by $25,000 so far this year.
During February, LVR reported that 30% of all property sales were cash sales. That’s up from 26.0% one year ago. While that percentage increased over the past year, it’s still below the March 2013 cash buyer peak of 59.5%.
LVR President Brandon Roberts said local home prices have more than tripled over the past decade.
“Local home prices can’t keep going up this fast forever,” Roberts said. “The increases we’ve been seeing in the last year or so are just not sustainable. It remains to be seen how much higher these prices can go and when we might start to see the market stabilize, as many national experts have been predicting. Either way, I seriously doubt you’ll see home prices more than triple again in a single decade.”
Prices have been climbing steadily since the start of 2012, when the median price of an existing single-family home was $118,000.
The median price is the price in the middle — half sell for more, and half sell for less.
Condos and townhomes are keeping up, with a median price of $260,000 in February. That also breaks January’s record — $242,000 — up 31.6% from $197,500 in February of 2021. The $18,000 increase in condo prices comes after they increased by only $1,000 in January.
Homes are selling faster this year than previous years, according to LVR. In February, 88.6% of all existing local homes and 93.3% of all existing local condos and townhomes sold within 60 days. In February 2020, 81.9% of all existing local homes and 77.4% of all existing local condos and townhomes sold within 60 days.
By the end of February, LVR reported 1,741 single-family homes listed for sale without any sort of offer. That’s down from January, but up 3.8% from the same time last year. The 316 condos and townhomes listed without offers in February represent a 53.2% decrease from one year earlier.
LVR reported a total of 3,183 existing local homes, condos and townhomes sold in February. Compared to one year ago, February sales were down 9.1% for homes and down 7.3% for condos and townhomes.
Similar to the past few months, Roberts said February’s sales pace equates to less than a one-month supply of properties available for sale.
LVR statistics include activity through the end of February 2022. LVR distributes statistics each month based on data collected through its Multiple Listings Service (MLS), which does not account for all newly constructed homes sold by local builders or homes for sale by owners.